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SANTA FE, N.M., Jan. 25, 2011 (GLOBE NEWSWIRE) -- In a release issued earlier today by Natural Blue Resources, Inc. (OTCBB:NTUR), please note there was an incorrect figure in the fifth paragraph. Natural Blue Steel expects to see more than $35 million in new revenues over the next year from new demolition sites that will operate under the Natural Blue Steel/Atlantic division. The corrected release follows:

Natural Blue Resources, Inc. (OTCBB:NTUR) announced today the signing of two key agreements to advance the growth, business interests, and future expected profitability of the Company.

In a letter to NTUR shareholders, CEO Toney Anaya said, "It's a real pleasure to advise you of two agreements your Company has entered into to advance our steel business. One agreement with Atlantic Acquisitions, LLC, a Delaware LLC, and its wholly-owned subsidiary, Atlantic Dismantling and Site Contractors, Corp ("Atlantic"), provides for Atlantic to assign tens of millions of dollars in Atlantic steel contracts to NTUR and to pursue future steel contracts on behalf of Natural Blue Steel Atlantic, LLC, a wholly-owned subsidiary to be formed by NTUR."

Anaya advised that, "The second agreement, this one with Watch Harbor Asset Management, LLC, a Delaware LLC with principal offices in New York City, will make the fund-raising expertise of Watch Harbor available to NTUR to raise additional capital for new steel projects NTUR will pursue in association with Atlantic.

"This combination of access to existing contracts for the acquisition, dismantling, and marketing of steel, plus access to additional financing opportunities should allow the Company to more realistically meet its goals of becoming a major company in this lucrative business sector," continued Anaya.

"As a result of our new relationship with Atlantic, their associates, finance sources, and their key executives, Natural Blue Steel expects to see more than $35 million in new revenues over the next year from new demolition sites that will operate under the Natural Blue Steel/Atlantic division. While Atlantic contracts currently involve 14 sites, we expect to be operating with Atlantic at more than 30 sites in the next several months. We expect this opportunity to gain a nationwide and global magnitude with new funding and new project opportunities being presented to the Company. The Company has also located as is negotiating for a vast quantity of prepared Scrap HMS1 and HMS2 from outside the United States that will be offered to potential Natural Blue Steel clients worldwide."

"Our goals are to generate significant revenues from these activities and be a major supplier to the world steel community from our domestic sources as well. We will be issuing additional performance-based restricted shares and, in return, expect that the activity generated will be well worth the distribution without having to spend cash or expose the Company to the risks of a very slow and long development period for this expected profitable business," he continued.

"To make the transition from a development company to a fully operational company, it is necessary to staff the company accordingly. We are appointing new officers and a new board of directors for the Company that will include veterans from the finance and steel industries as well as members of the present management of Atlantic. The current NTUR board members and officers will resign at the closing."

Erik H. Perry, incoming President and CEO, said in the letter to shareholders that, "I am very enthusiastic to bring our Atlantic experience and work ethic to the Natural Blue Resources team. We at Atlantic have many years of experience in the steel, demolition, construction, and redevelopment business segments. I am grateful for the opportunity to work with Governor Anaya on behalf of the shareholders to provide a smooth transition and begin an exciting operating phase for our new Company. I will be communicating with you very soon on the progress made by NTUR. I am both honored and pleased to be serving our Company and I look forward to a bright future with you as our shareholders."

Anaya assured a smooth transition and said he was exploring taking a position with the Company to develop NTUR's water division. "There is a great and increasing need to develop new water resources from deep, brackish sources. My home state of New Mexico could present a viable business opportunity for NTUR to pursue and from which to expand," he said.

The consideration for the Atlantic Acquisition agreement is 35 million new shares of restricted common stock, which shall be returned if the new venture does not meet certain performance measures, including at least $35 million in contracts during the first year and other goals. The Company expects to timely file a Form 8-K later this week to provide further details regarding the terms of the Atlantic agreement, the Watch Harbor agreement as well as information regarding the new management team.

About Natural Blue Resources, Inc.

Natural Blue Resources, Inc. was formed to own and operate earth-friendly businesses that utilize green technologies while conserving natural resources. The Company has three wholly-owned initiatives: EcoWave that purchased rights to technology to treat waste water and other wastes; Natural Blue Steel, Inc., a wholly-owned subsidiary to purchase, ship and re-sell recycled steel; and a water division with a planned initiative to focus on developing drinking water projects. The Company's goals are to identify additional companies and technologies to acquire and operate as feasible that complement its existing initiatives.

Forward-Looking Statements:

This release includes statements that constitute forward-looking statements. Such forward-looking statements are based on information available at the time and management's belief with respect to future events, and are subject to factors, risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Such factors, risks and uncertainties include, but are not limited to, those described by Natural Blue Resources, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any obligation or intention to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.